The cryptocurrency market has experienced a turbulent period, with significant declines for altcoins and narrow trading ranges for major players like Bitcoin. Despite previous gains in early 2024, newcomers to the crypto space may find the current market conditions perplexing. The potential for recovery remains a topic of interest, especially with predictions hinting at possible rallies for specific altcoins in May.
Binance Coin (BNB) Struggles but Holds Potential
BNB, supported by the largest cryptocurrency exchange Binance, has been making attempts to surpass its previous high of $686. Despite setbacks due to overall market downturns, BNB has not shied away from testing prices above $610 this month. Currently facing resistance at $640, the Relative Strength Index (RSI) suggests there is room for growth, potentially moving higher if resistance is breached, though a drop to $540 could occur if it fails.
Bitcoin (BTC) Oscillates Within a Narrow Range
Since rallying a month ago, Bitcoin has been trading between $70,000 and $65,000. Recent activities have seen its price compress below $67,000. Following the Wyckoff model for May, BTC might climb above $73,777 or, conversely, could drop below $60,000 if bearish scenarios play out.
Bitget Token (BGB) Awaits Bullish Momentum
After peaking at $1.38 at the start of April, BGB’s price has retreated to 15% below its high. If bulls can reclaim $1.24 as support, a retest of $1.38 could be possible. The Moving Average Convergence Divergence (MACD) is optimistic, though a fall below $1.15 support might dash hopes for new highs, opening doors to lower levels.
Ondo (ONDO) Eyes Potential Surge
Ondo has been consolidating for the last six weeks, trading at $0.799. A breakout from the crucial $0.797 level could initiate a rally towards its all-time high of $0.977. The RSI remains neutral, providing technical backing for a possible upward move. However, a breakdown below the $0.797 support could lead to declines toward $0.700.
Points to Consider
- BNB’s performance could pivot on breaking the $640 resistance.
- Bitcoin’s next movement heavily depends on overcoming the $70,000 resistance or breaking below $60,000 support.
- BGB and ONDO require maintaining key support levels to avoid further declines and potentially testing new highs.
As cryptocurrencies navigate uncertain waters, these developments and strategies will significantly influence their trajectories in the upcoming month. Investors should monitor these trends closely and prepare for potential volatility.